China offered to bail out 1MDB for deals

China offered to bail out 1MDB for deals – WSJ

China offered to bail out 1MDB for deals – WSJ

Senior Chinese leaders offered in 2016 to help bail out the 1Malaysia Development Bhd (1MDB) fund at the center of a swelling, multibillion-dollar graft scandal, said The Wall Street Journal (WSJ).

Citing current and former Malaysian officials, the report stated that Najib turned to Low "to negotiate with China to resolve the crisis", after which Low drew up plans for Malaysian meetings with Chinese officials and even attended some of the meetings. Despite the reported Chinese offer, the investigations continued. It further offered to bug the offices and homes of Journal reporters reporting on the fund and leak information, according to the newspaper.

The Malaysian government will scrutinise bilateral deals made with China under the previous government, finance minister Lim Guan Eng said on Tuesday (Jan 8).

It added that within months, Najib signed US$34 billion of rail, pipeline and other deals with Chinese state companies, to be funded by Chinese banks and built by Chinese workers.

In the WSJ report, it was alleged that former prime minister Datuk Seri Najib Razak's administration had colluded with China on such projects to inflate their values in order to divert some of the funds towards 1MDB that was struggling to pay its debt at the time. "If it was said in black and white, then it is something we will pursue", Lim told a press conference at the Finance Ministry here, today.

Michigan Uber Driver Pleads Guilty to Murdering Six People
Dalton, the father of two children, had worked as an insurance adjuster and had no previous criminal record before the shootings. After his arrest, police quoted him as saying a " devil figure " on Uber was controlling him on the day of the shootings.

According to WSJ, China's Foreign Ministry said that nations would not welcome the program as they have if it carried the financial and geopolitical risks asserted by critics.

Since the defeat of Najib's government to a reformist alliance in May - the first change of government since Malaysia became an independent country - ties have cooled markedly between Beijing and Kuala Lumpur.

It said minutes of the Chinese-Malaysian meetings say that although the projects' purposes were "political in nature", it was imperative the public see them as market-driven.

The US State Department alleges that $4.5 billion was looted from the fund by Najib and his cronies, and spent on everything from artwork to high-end real estate. He denies any wrongdoing.

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